The U.S. economy grew by a stronger than expected 1.4% annualized rate juxtaposed to the 1.2% and 0.7% previous estimates, beating forecasts. The median economic forecast called for 1.2% rate, though it is still the weakest quarter showing in 4 years.

Consumer spending was also revised higher to 1.1% from prior estimates of 0.6% and 0.3%.

The U.S. Census Bureau said Wednesday an early look at the U.S. trade deficit in May–excluding services–indicates it fell by 1.8% to $65.9 billion. The lower trade deficit could translate into a bump for gross domestic product (GDP).

The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2017 is 2.9% on June 26, according to the Atlanta Federal Reserve.